Next upleg about to begin

The chart patterns from the previuos update are intact and prices have now also reached important support levels. I expect support to hold and the next upleg to begin early next week.

Correction over

Germany's DAX index reversed nicely in my target area of 7 400 - 7 450, and S&P 500 has also been correcting as expected.

However, I now believe the correction is over, the trend is still up and prices should continue higher.

DAX has formed a falling wedge pattern in an uptrend with positive momentum divergence, indicating the move lower is getting tired. I expect a breakout to the upside in the next few days.

S&P 500 has formed a symmetrical triangle (continuation pattern), I expect a breakout to the upside in the next few days.